topic Post rehab question in Student Loans

Post rehab question

scarrollprint — Sat, 08 Sep 2012 13:03:57 GMT

I rehabbed my SL last year. They came out of rehab technically last october however REALLY didn't come out till Feb of this year due to a "glitch" they seemed to have every month.

Anyways all the bad tradelines were removed (1 loan but it had 4 lines - one for each year of school) from all 3 of my reports.

I was honky dory till now - I checked my Experian report last month and BAM one of them is back and in its full glory! showing all the lates and status was "collections". I filed a dispute with the comment taht these were federally rehabbed loans and that per the agreement of rehabbing all negative tradelines were to be removed. I just got a notice saying the dispute has been investigated and that the tradeline has been updated.

Its still there with all the same info, but now there was a note saying "dispute filed with the government". Not sure what that is supposed to mean.

My CURRENT loans are all in good standing and on my postives it shows 3 of them (again technically 4 loans for each year) as all info deleted and "paid in full") except for this ONE part. How do I get this removed. The rehabbed loans now are all up to date, no lates and are also showing correctly.

Not sure how to handle this. Tried calling Direct Loans today, but I guess they only answer calls M-F.

Re: Post rehab question

Poorboi — Sat, 08 Sep 2012 21:33:48 GMT

I'm about to go through rehab, once someone picked up your loan did your payments decrease? I now owe $8700 for $3900 loan in 1999. The CA told me approx $180 for 9 months? Is this rite? Thanks for any info

Re: Post rehab question

scarrollprint — Mon, 10 Sep 2012 16:59:29 GMT

Well my rehab, the monthly payment was the same. After rehab it went down.

For two reasons- 1 I consolidated two federal loans into 1 and the interest rate was now lower. My one loan was a fixed 5% which 6 years ago was Amazing. Now not so much I got my rate fixed at 3% which is saving quite a bit. I'm making the same payments as I was before so that I can pay it off long before the 20 year mark (thus taking actual advantage if the 2% lower rate)

Re: Post rehab question

Poorboi — Tue, 11 Sep 2012 04:02:56 GMT

What are the chances of a lender not picking up my loan after rehab? And why do the collection agent charge %18 of the default for their pockets

Re: Post rehab question

scarrollprint — Tue, 11 Sep 2012 14:42:19 GMT

I think your questions would be better suited in its own post.

I don't know all the answers and obviously not many people are responding to my own questiosn so pop up your own post in the SL forum and I'm sure someone who knows the answers will be able to help you.

Re: Post rehab question

InvincibleSummer2 — Tue, 11 Sep 2012 15:04:09 GMT

Scarrollprint! I was happy to see you'd been back on the forums this am. Did you happen to get in touch with the Direct Loans folks since your first post? You'd mentioned calling in...just curious if you'd gotten an update?

Kinda had my fingers crossed it was a computer error of some sort....

Re: Post rehab question

scarrollprint — Tue, 11 Sep 2012 16:29:57 GMT

InvincibleSummer2 wrote:
Scarrollprint! I was happy to see you'd been back on the forums this am. Did you happen to get in touch with the Direct Loans folks since your first post? You'd mentioned calling in...just curious if you'd gotten an update?

Kinda had my fingers crossed it was a computer error of some sort....

I didn't get the chance to call yesterday (what was supposed to be a short work day ended up being a full 13 hour work day).

Now that I have a min. I'll go call. Thanks for the reminder.

Re: Post rehab question

InvincibleSummer2 — Tue, 11 Sep 2012 16:41:24 GMT

scarrollprint wrote:
InvincibleSummer2 wrote:
Scarrollprint! I was happy to see you'd been back on the forums this am. Did you happen to get in touch with the Direct Loans folks since your first post? You'd mentioned calling in...just curious if you'd gotten an update?

Kinda had my fingers crossed it was a computer error of some sort....
I didn't get the chance to call yesterday (what was supposed to be a short work day ended up being a full 13 hour work day).

Now that I have a min. I'll go call. Thanks for the reminder.

I hear that. I'm in that club too :)

Keeping my fingers crossed for you.

Re: Post rehab question

scarrollprint — Tue, 11 Sep 2012 16:47:03 GMT

UPDATE:

Just got off the phone with Direct Loans.

Was KINDA comforting and not overly helpful - but I guess the person I talked to didn't have access to that info needed and couldn't tell me who to talk to or call.

Here is what I was told - they JUST recieved the dispute notification and are in the process of investigating. I said "I recieved a letter saying it was resolved and updated" and she said well it says here that we just recieved notification of the dispute of the tradeline last week.

She said that if its true that it was in my terms of rehabbing the loans (1 for each year) then it must have been an oversight and that once they do their part of the investigation of the dispute that it will be removed. She said if I had 3 of them removed from this report then the 4th should have been removed too.

She asked who sent me the letter - I replied with and she basically just said "huh, they didn't send us any notifcication until last week"

I'm hoping it was just a glitch, but I guess we'll see in a month or so.

Re: Post rehab question

InvincibleSummer2 — Tue, 11 Sep 2012 17:51:09 GMT

I feel like that should be the advertising tagline for DOE: "kinda comforting and not overly helpful". :smileytongue:

It sounds more and more like an error in the reporting. I have 4 DL's myself, and one Perkins. This month will be my final rehab payment and they've already said, in not so many words "you should anticipate a delay before this gets picked up again".

Re: Post rehab question

scarrollprint — Tue, 11 Sep 2012 19:38:18 GMT

InvincibleSummer2 wrote:"you should anticipate a delay before this gets picked up again".

Thats an understatement....

I was supposed to come out of rehab in October of 2011(at the begining of the month). In the begining of sept 2011 I got a letter saying "its going to be a while, but we'll continue to do the autopayment and it will continue to apply to interest/principle as it is now.

October I got a letter saying "there was a glitch and it should be another month"

November I got a letter saying "there was another glitch and it should be another month"

December I got a letter saying "there was yet another glitch and it should be another month"

January I got a letter saying "yup...glitch"

February I got a letter saying "gitch" then I got a letter 2 weeks later saying "congrats you made all 9 payments!" in All actuality I made 14 rehab payments...

Re: Post rehab question

InvincibleSummer2 — Tue, 11 Sep 2012 20:23:43 GMT

Remind me who your original loans were with? I tried to skim through your past threads, but couldn't find it. I seem to think they were Direct Loans but not sure....I'm just curious. DOE swore up and down to whoever would listen that the computer issues that persisted through Spring '12 were completely solved. Now? I'm unconvinced.

Re: Post rehab question

scarrollprint — Wed, 12 Sep 2012 14:21:08 GMT

They were and still are serviced by Direct Loans.

My rehab ended and was all cleared up by spring of 12...so I guess they may be right. Either way it cost me quite a bit in interest since I had to wait a couple months to consolidate my higher rate into a lower fixed one..but oh well guess I really can't complain TOO much

Re: Post rehab question

InvincibleSummer2 — Wed, 12 Sep 2012 18:12:38 GMT

So, did you see a pretty decent score jump? My MMV, as I well know - and I'm not expecting life to automatically be all gummi bears and rainbows post-rehab.

But it would be nice to see a boost in the score based on not having all those defaulted loans....dare I hope for such a thing?

Re: Post rehab question

scarrollprint — Wed, 12 Sep 2012 18:29:03 GMT

At the time I wasn't watching my scores so I don't know.

If they are you only baddies, it SHOULD because as long as they hold their end up of the bargin (remvoe them after you rehab) but also keep in mind though they might just remove all the data, close out the loan as Paid and then open a new one.

That happened to me on all 3 reports. TU they deleted all info and just basically left the life of the loan no payment data and showed PIF as agreed etc. and on EQ they changed all missed payments (even ones that didn't lead to deliquincy) to OK.

Either way I then technically opened up a new loan so my AAOA dropped considerably since those loans were all from 2002, 2003, 2004 and 2005 being the youngest and the new one was just opened in Feb (I consolidated as soon as I came out of rehab so that didn't really hurt anything).

granted they are all showing on my report as good standing loans, but they will be dropping off in the not so distnat future which won't help my age, but by then, my current loan will have aged.